Bill's Dollar Store Had a Balance in the Accounts Receivable

question 3

Multiple Choice

Bill's Dollar Store had a balance in the Accounts Receivable account of $760,000 at the beginning of the year and a balance of $840,000 at the end of the year. Net credit sales during the year amounted to $6,400,000. The accounts receivable turnover was

• A) 7.6 times.
• B) 8.4 times.
• C) 8.0 times.
• D) 4.0 times.

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Definitions:

Pricing Aggressively

A strategy where a business sets lower prices with the aim of gaining market share or driving competitors out of the market.

Specific Threshold

A determined point or value at which an action is triggered or a change occurs, often used in contexts such as operations, finance, and technology.

Relevant Information

Information that is applicable and helpful in making a decision, typically due to its timeliness, accuracy, and context.

Salaried Manager

An employee who receives a fixed compensation for their work over a period, typically annually or monthly, regardless of hours worked.